What do you do to earn money?I've been retired about three years and am now looking for ideas on how to re-enter the work force. Would not mind a job that calls for a little physical effort, don't really want a full-time job that requires a big mental effort and responsibility.Who out there is doing what??
I work about 20 hours a week for a small insurance agency year round, and also 15 to 20 hours a week for a tax prep service from mid January to April 15th. If taxes would be of interest, I could make a referal and get both of us a $50 bonus.
What part of Retired don't you understand?Between veterans organizations and town council meetings and keeping my grass mowed, as well as maintaining a town website http://MasonvilleNY.comI couldn't find time for a "job" if I wanted to.Which I don't!Regards,Grumpyhttp://groups.msn.com/GrumpyPix/online.msnw?action=ShowPhoto&PhotoID=387
Some ideas people I know are using to bring in some money--part-time work in a golf course pro shopbeing the local handyman to fix all the little jobs contractors don't want to bother with. One person is having a great time by specializing in historical restoration (lime horsehair plaster, soft morter repair on old stone foundations, and the woodwork paint technique that looks like wood grain, etc.)drive bus for a senior center or community program (like the summer swim bus for kids)part-time work at your local libraryand, my personal favorite, get a guide's license and take people fishing on your boat!
I do a little part-time consulting. It takes up about 25% of normal workload. I've been doing this for almost 7 years now, always assuming that each month will be my last, but I keep getting asked to travel somewhere and take care of a problem. I think I'll stop for good before too much longer.
Hello Grumpy, and everyone else interested:When retiring a dozen years or more ago, I thought there would be all kinds of time on my hands. Now, my wife and I often joke that we don't see how we had time enough for an actual job. We aren't the only ones with that problem. An old friend of mine, a friend since grade school, recently summed up at least part of the problem. Used to come home after a day at work and mow the lawn quickly. Now, it takes most of the afternoon!If you are just bored, get a good hobbie. Mine include computing, gardening, wood and metalworking, watercolor and acrylic painting, rv camping and travel, reading and more.If you need a little extra cash, some of my friends do some of the following:Drive school bus, school crossing guard, part time watchman at local factory, bagger at grocery store, mow neighbors lawns, caretaking work at local rv park, and my mind has gone blank, but there were a couple others when I started this list, I think!Hope this helps.Huge
Local automatic car wash has a sign, 'Retired? Looking for something to do? Apply here" It's not washing cars, just taking care of the place the place part time. Don't know what it pays.
I retired 1 Jan '99 and during that time have mostly played golf 4-5 days a week and some days that is like work <g>.Because I retired from a career in automation I have taken on a number of 'jobs' , setting up small networks for local businesses, 'fixing' friends 'broken' computers and such. While 'plug and play' is a wonderful concept, when you plug it in and it don't play most people are lost. I have also worked at a local golf club in numerous positions (counter, maintenance, ranger, etc), mostly for dues and such.A current 'gig' is taking pictures of automobiles for posting to the dealer's websites. There are companies that specialize in this and they do a good job but are really pricey. Not sure how one gets into this as I just happened to know this particular dealer (golfing buddy) and was there when the outfit he was working with raised their prices 50% which might have been okay but they were also unresponsive to requests.All of these pretty much share a common thread and that is the ability to set my own schedule. I am also able to do some of it at home which is of course the best option.arahfool
If you took "early" Social Ssecurity be careful you don't earn more than the allotted $ amount. If you do, you'll e giving back a $1 for every $2 you earn. We took "early SS". My husband took a part-time, temporary job that grew into more work than anticipated and he earned over the limit. SS has stopped both our payments until we pay back what we owe them. We were surprised to learn that my SS would be stopped along with his until the money was paid back. Also were told that if we had any disabled, dependant children that were receiving SS, their SS funds would also have been stopped!
If you took "early" Social Ssecurity be careful you don't earn more than the allotted $ amount.Only until you reach SSNRA however. I'm faced with this as well. No SS payment for the next two months to make up for what I was over paid in 2005. I am probably going to ask that they withhold November & December as well because I am over the limit for 2006. I will also probably have my boss defer paying me for November and December into 2007 to reduce the overpayment amount since I will reach SSNRA in 2007. He also says he needs to pay me more, but we are working it out as a bonus paid in 2007 rather than this year and then increase my hourly rate in 2007.However, even having to pay $1 back for every $2 earned is still $1 more than I would have had without working.
However, even having to pay $1 back for every $2 earned is still $1 more than I would have had without working. People tend to forger that unless you give it all back, you still are making more than if you didn't work. I am amazed at the trouble people will go through to avoid more taxes even if they are hurt financially.On SS, if you have to give back, an adjustment is made at FRA to remove the penalty for those months you don't receive a benefit
arahfool mentioned taking photos for car dealerships.I know a couple who go to interesting events (horse pulls, Scottish games, sailboat races, whatever happens to be going on) and take pictures with their digital cameras. Then they load the pix onto their laptop and run a slideshow for the contestants. People who like a picture can have one made (for a price) on the printer they run from an adapter through their car battery if there's not plug in power at the site.They've only done this at events that wouldn't ordinarily have their own photographer on duty, and people have been really glad to have the pictures.
I'm not retired yet, but thinking about it. I plan/hope to work about 20-25 hours a week -- at anything except office work. No more sitting at a desk for me even though that would be the most remunerative.However, I want to tell you about one of my neighbors, now perhaps early to mid-70s. She retired at 62 (her dog had died a few years before) and a couple of years later took care of a neighbor's dog as a favor, when the dog-owner went on vacation. Another neighbor saw her walking the dog, was delighted and asked Ann to walk his dog every day around noon. That was the start of a successful business. She walks many dogs, there's one who stays with her every afternoon and another dog with whom she spends the night when the owner travels on business.She gets a 1099 from some of her clients and reports to the IRS anything which she receives by check. She deducts her cell phone, medical and long term care insurance from the proceeds of her business. I'm guessing that she makes about $600/week, but it could be more.One of the things I plan to do after retirement is cat sitting.
One of the things I plan to do after retirement is cat sitting. This is one of the things that was on my list, until I tried it. No problem visiting and playing with the cats - or with cleaning litter boxes. But, I quickly realized it was a 7 day a week endeavor, and part of what I wanted to do in retirement was not work all the time.
One of the things I plan to do after retirement is cat sitting. <?i>If you can teach a cat to sit on command, you'll probably could make millions.
Yes, I am familiar with those limitations. Because I can set my own schedule I can insure that I do not earn too much. A lot of what I do does not involve money per se like my golf course 'duties' ('free' golf) and helping friends with their computer issues ('free' beer!) <g>.Thanks,arahfool
If you can teach a cat to sit on command, you'll probably could make millions.The cat who lives with me these days usually doesn't even come for dinner when called. So now I say "Betsy, come on Betsey. Come get your dinner. Or not. That's a good girl." No matter what the "issue," she seems to believe that if you want her to do it, it's bad.
On SS, if you have to give back, an adjustment is made at FRA to remove the penalty for those months you don't receive a benefitYes. I'd forgotten about that. I also understand that they will adjust the benefit depending on the amount that you make. Since SS is based on the top 35 of the last 40 years earnings, I know that the amount I made in 2005 and now 2006 is higher than the amount that I made in 1970 and 1971. Sometime early next year, when I know what my earnings actually are and the amount of the loss from my Schedule C I'll make an appointment and go discuss this with the SS folks.
What is FRA?
I believe, that under SS Regulations, you can (are allowed) to earn up to $480 per month without paying the IMO, "socialistic" excess earned income tax. I believe that after age 70 1/2 that tax goes away.Rules have changed. For 2006 you can earn up to $12,400 if you are under SSNRA. Above that, your SS is reduced by $1 for every $2 you earn. In the year you reach SSRNA, you are able to earn a higher amount - I think for 2006 it is somewhere around $32,000 to $35,000 but I could be wrong. Once you reach SSNRA, you can earn any amount you want to with no reduction in SS.Depending on income, you may or may not have to pay income tax on some portion of your SS income. It can be as much as 85% taxable.
"Excess earned income" tax goes away before 70 1/2. I started taking social security at 65 and never had to pay any. After that the full retirement age started going up and I'm not sure whether the age for being able to both draw from social security and earn as much as you can move up also or stayed at 65. I suspect it moved up. Every November if drawing social security and still working, you get a nice letter from Social Security Administration stating that because you worked the previous year (2005 coming up) in December you are getting an extra lump sum with your check, making up for the deficiency in what you received this year, recalculated to include your last year's income. They also tell you what your social security will be next year, based on the recalculation. Then in December you get another letter, telling you of the increase in next year's social security which you will get because of inflation indexing. Would that pensions all reset every year like that! Best wishes, Chris
After that the full retirement age started going up and I'm not sure whether the age for being able to both draw from social security and earn as much as you can move up also or stayed at 65. I suspect it moved up. It does. There is no penalty for excess earned income once you reach "Full Retirement Age." Details are available at www.ssa.gov.Phil
After that the full retirement age started going up and I'm not sure whether the age for being able to both draw from social security and earn as much as you can move up also or stayed at 65. I suspect it moved up. It does. There is no penalty for excess earned income once you reach "Full Retirement Age." Details are available at www.ssa.gov.Phil Then there is my former Brother-in -Law, who collects SS and because he is over 70, pays no tax on it. The man is a not-quite billionaire. He endowed his own university. When I mentioned it, he just said, :Well, I paid into it, and I am entitled to withdraw." Which is true, and maybe even fair. But it seems wrong.cliff
Then there is my former Brother-in -Law, who collects SS and because he is over 70, pays no tax on it. There is no age limit on the income taxation of SS benefits. It's solely dependent on how much other income there is. See line 20 of the 1040.Phil
Then there is my former Brother-in -Law, who collects SS and because he is over 70, pays no tax on it. The man is a not-quite billionaire. He endowed his own university. When I mentioned it, he just said, :Well, I paid into it, and I am entitled to withdraw." Which is true, and maybe even fair. But it seems wrong.Perhaps it's an Urban Legend, but there's a story of a wealthy man who was asked whether he was receiving SS benefits and, if so, why. His response was that he was entitled to them, and while what he received was not enough to live on it was enough to buy a few cases of "house wine" each month.
Perhaps it's an Urban Legend, but there's a story of a wealthy man who was asked whether he was receiving SS benefits and, if so, why. His response was that he was entitled to them, and while what he received was not enough to live on it was enough to buy a few cases of "house wine" each month. As much as this sounds "grossly unfair" to many, the fact is that he paid taxes on the income when he was younger, and this is the SS law. There is a very good reason the law is this way. When SS was first introduced, there was a great effort made to make it appear as though SS was not welfare, even though it comes periously close, since benefits are weighted heavily toward lower income earners.If SS had been perceived as welfare, there is a good chance we would not have it now.
FRA = Full Retirement Age. Use to be 65, now is gradually increasing to 67
FRA = Full Retirement Age.Same thing as SSNRA = Social Security Normal Retirement Age.
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